Identify at least two audit procedures the auditor would perform to test the realizable value balance-related audit objective for the financial instruments accounts. Assume the investments in stock are all actively-traded in a liquid market, but the derivative financial instruments require a level 3 fair value estimate.

McNeil Company, a medium-sized manufacturer of microwave ovens, has been an audit client for the past five years. McNeil Co. has been steadily growing and recently hired a new CEO, who has decided to increase the level of investments in fi- nancial instruments as a way of generating a profit from excess cash from operations. […]

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